Clarks CEO resigns amid misconduct allegations

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Clarks CEO

Clarks chief executive Mike Shearwood has stepped down after the shoe retailer found his conduct “fell short” of expectations.

It comes after Shearwood, who has been at the helm since 2016, was investigated following complaints about his behaviour.

Clarks said complaints had been made on several occasions.

The retailer added that his actions fell short of the ethics of the “family owned” British retailer, which was founded in 1825 by Cyrus and James Clark.

“Clarks recently learned that aspects of Mr Shearwood’s conduct, conversations and expressions fell short of the behaviours expected of all its employees on a number of occasions,” the company said in a statement.

“In these circumstances the board has accepted Mr Shearwood’s resignation.”

Clarks’ former senior independent director Stella David has been appointed as interim chief executive.

Prior to Clarks, Shearwood headed up upmarket fashion retailer Karen Millen.

Profits fell sharply during his tenure at Clarks, from £63.7 million to £45.2 million in the year to the end of January.

Sales also dipped from £1.6 billion to £1.5 billion.

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